BOSTON (CBS) — Despite an improving economy and a low unemployment rate, more and more young adults are living at home.
The Wall Street Journal sifted through information provided by real estate company Trulia and reported that more young Americans are living at home than they have since 1940.
‘Young American’ is described as someone between 18 and 24 years old, and the numbers are in: In 2015, 40 percent of young Americans lived with either their parents, siblings or other relatives.
That number had been on the rise in recent years despite the economy growing out of the recession, where in previous economic cycles the amount of those living with their parents would decrease as the economy strengthened.
Experts say rising rents and hard-to-get mortgages are making it tougher for young people to make it on their own.
In addition, the Harvard Joint Center for Housing Studies found that despite there being 5 million more Americans under 30 since 2006, the number of households is only up a relatively puny 200,000.